An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on my website if you could fill out a one-page application and get the best loan for you funded the same day. My job is to do most of the heavy lifting for you, so you can concentrate on what's important--preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that I've made your role in them as easy as possible, and I do all the work! That's what I'm here for.
Step one: Determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? I'll help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: Pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. I then get your permission to pull your credit scores. After I review all this information I will give you a Pre-Qualification Letter. Handle it with care--to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Step three: Apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan application. Make an appointment to come in and see me, or I will come to you if that better fits your hectic schedule. When the time is right, we'll order an appraisal of your new home.
Step four: Your loan is funded
Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.
You've answered a few questions, given us some detailed information, completed your loan applicaton, and next thing you know, you're moving in! I'm in the business of mortgage loans, so I do most of the work. Doesn't that make sense?